Chicago to auction taxi medallions

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The city of Chicago is auctioning off taxi cab medallions for the first time in three years.

The medallions are required to legally operate a cab in the city.
Fifty medallions will be sold in the auction, which starts Monday and runs through October 18th.

Buyers should be prepared to shell out some cash.

The beginning bid is $360,0000. That’s almost five times what they sold for in 2006 and about $100,000 more than the average price in the last auction in 2010.
The auction is expected to raise 18-million dollars in revenue for the city.

The medallions were returned to the city because of foreclosure, revocation or failure to renew a license.
For more information, go to the City of Chicago website.